According to Chicago Fed Chair Austan Goolsbee on May 9, all interest rate options remain on the table, not just rate cuts. The Federal Reserve held rates steady in late April, with three officials opposing language in dissenting statements that hinted at possible future rate cuts, instead signaling the possibility of rate hikes.
Goolsbee reiterated that both rate cuts and hikes are under consideration. The shift reflects the Fed’s pivot away from considering near-term cuts, driven by inflation pressures from energy price shocks related to the Iran conflict.
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